New mobile banking service launched in Uganda
The Pride Mobile service will allow customers to access their money anytime and anywhere.Microfinance institution Pride Microfinance has launched a new mobile banking service in Uganda, which will enable its customers to do a variety of transactions including balance inquiry, buying airtime, inter-account fund transfer, paying for utilities, depositing and withdrawing money from the account onto one's mobile money account.
The Pride Mobile service will also allow customers to access their money anytime and anywhere, according to newspaper The Monitor.
"Pride is continuously innovating products and services to improve the lives of people at the base of the financial pyramid, while ensuring financial inclusion for all," head of Pride Micro Finance corporate affairs Deo Kateizi said during the launch.
The financial institution has partnered with MTN and Airtel to launch the service.
Mobile money was introduced in Uganda in 2009. Since then, its experienced a steep growth. As of December, 2014, there were over 18 million registered mobile money customers, and the average monthly number of transactions in the last quarter of 2014 was 46 million, according to figures from the Bank of Uganda.